www.thejakartapost.com - Publicly listed food-producer PT Mayora Indah Tbk and PT Bank Muamalat Indonesia Tbk plan to issue sukuk, or Islamic debt papers, this year in the hopes of raising Rp 250 billion (US$27 million) and Rp 800 billion, respectively, the National Sharia Council says.
Mayora Indah will launch its sukuk on Monday while Bank Muamalat, which runs according to Sharia banking principles, will follow in July, Kanny Hidaya, the council's deputy secretary, said Thursday during a discussion about sukuk development in Indonesia. (source)
The council, a unit under the Indonesian Ulema Council (MUI), approves or endorses companies’ sukuk prospectuses. According to the council, 28Indonesian companies have raised money in this way since the first launch by PT Indosat Tbk in 2002. For Mayora, this will be the second time it has turned to Islamic debt papers.
“One more from Mayora: All products have been certified halal,” according a statement from Gobel Asia Advisory, which advises the council. The statement used the popular Mayora tagline in advertising its food products: “One more from Mayora.”
Mayora issued on Wednesday its prospectus about its plan to raise Rp 750 billion in conventional bonds and another Rp 250 in sukuk, IndonesiaToday.com reported.
Kanny said the prospect for corporate sukuk in 2012 is good, with three other companies expected to issue their own papers later this year. He did not disclose their names.
In 2011, only two companies, PT Bank Pembangunan Daerah Sulawesi Selatan and PT Bank Nagari, both regional development banks from South Sulawesi and West Sumatra, respectively, issued sukuk, each worth Rp 100 billion.
Kanny blamed the low interest among Indonesian companies in using sukuk on a misunderstanding that the procedures involved were complicated.
“That’s a shame because actually the procedures are as easy as for conventional bonds, albeit with a few more steps,” he said. (han/emb)
Source: http://www.thejakartapost.com/news/2012/04/05/mayora-indah-and-bank-muamalat-issue-sukuk.html - April 5, 2012
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